creators from thisloomingtaxhike.everyone afrees that that action is necessary and i can report that we have reached an agreement on all of the tax, the tax issues. we are very, very close. adam: close but you no cigar. the u.s. falls off the fiscal cliff at midnight despite something in the work. you heard what senate minority leader mitch mcconnell said earlier today. we have members from both the house and senate on what happens next. i'm adam shapiro, in for melissa francis. on "money" the capital-gains tax in the cross-hairs. the capital-gains tax will spike in the new year. how can investors protect themselves from the coming blow? respect your elders or else. a parents dream, a child's burden. adult children forced to financially support mom and dad and pay regular visits in one major country. we'll tell you where and why they're doing it. even when they say it's not, it is always about money adam: had enough of the fiscal cliff yet? before we go there, let's take a look at the day's market headlines a whipsaw for the session for the markets on their last trading day of the year.

occurs. if washington doesn't do something, a lot happens. all thebushtaxcutsexpire,thepayrolltaxcutsexpire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've heard a lot about whether or not it will matter, you've heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the game area, you're going to be reading about the cliff whether you like it or not. we at starbucks have an opportunity and i believe a responsibility to use our company's scale for good, by sending a respectful and optimistic message to our officials to come together and reach important ground. this week, through december 28th, partners at our washington, d.c

.whattaxandspending issues do need included in any compromise. republicans, your number is -- democrats -- independents -- if you are outside the u.s. -- you can also catch up with us on all your favorite social media sites, twitter, facebook, or e- mail us. a very good morning to you. taking to the latest headlines on the fiscal cliff. i will run a few -- through a few of them for you. from "the daily news" -- also "l.a. times" -- i will take to "a "boston globe"" -- "the boston globe" -- the new york post -- the story i want to start with this morning is from politico. that line is -- senate leaders are headed into a critical sunday session of congress with a similar mission to avoid historic tax hikes, setting the stage for a high wire a final act of fiscal cliff negotiating just two days before the country is hit with a series of tough austerity measures. -- that again is from politico this morning. you're getting your thoughts, and we want to hear your message to congress on the fiscal cliff negotiations. the politico story mentioned what was happening on saturday e

their bottom line and willhighertaxesbeas bad for businesses as some say? all that and everything in between from three top leaders. >>> yikes! for yelp users. one woman post as scathing review of the business. now the owner is suing her for $750,000. does he have a case? he is is here it make it. even when they say it's not it is always about money. gamine application in nevada. >>> to o melissa: exxon hates your children, not my words. those are the words of a new campaign absolutely blasting the oil company and the industry. watch this. >> here at exxon we hate your children. we all know that the climate crisis will rip their world apart. but we don't care. because it is making us rich. >> that's right. every year congress gives the fossil fuel industry over $10 billion in subsidies. that is your tax dollars lining our pockets, making a fortune, devoiding your kid's future. at exxon that is what we call good business. melissa: joining me now in a fox business exclusive is the executive director of oil change international. it is one of the groups behind the ad. steve, welcome t

to avoid some ofthetaxpartsof the fiscal cliff. it wouldkeeptaxcutsfor the making $250,000 a year or less, extending unemployment benefit and with the clock ticking delay dramatic spending cuts until next year. >> i asked leaders of congress to work toward the package to prevent tax hike on middle class americans protects unemployment surance for 2 million americans. lays the groundwork for work on growth and deficit reduction. that is an achievable goal. >> today's meeting is the first with the president since november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on preventing taxes from going up. there are also massive spending cuts coming. no idea how they will avert that. he also did not mention the debt ceiling. earlier they wanted lifting the debt ceiling included. now it's clear it's not in the short-term package tha

in a speech a week ago which is tokeeptaxeswherethey are for families earning less than $250,000 a year and to extend long-term unemployment insurance benefits that is basically just a small slice of what the president had been proposing for quite some time. the administration official also says that the president is putting it on republicans to come up with a counteroffer that they say can pass the house and the senate. if not, the president said, he wants an up-or-down vote on his proposal in the house or the senate. so congressional leaders left here. other than house minority leader nancy pelosi i'm now hearing senate majority leader harry reid has joined her in making comments back at capitol hill. we'll let you know what they say as soon as that is transmitted to us. there are other directed comments they made little progress something they have been saying after the meetings the last few months. adam? >> we're looking to turn around reid's comments so we all can hear them. when you talk about the president he is up-or-down vote, someone referred to this as plan-c. is this the off

make sure middleclasstaxesstaywhere they are and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. but i actually think there's a majority support for making sure the middle class families are held harmless. >> if you go over to cliff, what's the impact on the markets which have been pretty confident now it would get done? >> it's hard to speculate on the market, but obviously, i think business and investors will feel more negative about the economy next year. if you look at projections of 2013, people generally felt the economy would continue to grow, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. and if, you know, people start seeing that on january 1st this problem still hasn't been solved, that we haven't seen the deficit reduction that we could have had had the republicans been willing to take the deal that i gave them, if they say that people's taxes have gone up, which means consumer spending is going to be depressed, then, obviously

deal that involves an increaseintaxesandwe don't know what house democrats especially on the liberal side of the spectrum would think about any deal that extends the current estate tax which could be one possible area of compromise. in essence, it is difficult right now to seat senate and house action today. if we are talking about today leading into tomorrow and into the early hours of 2013, that is one possibility. another one could be that they reach a deal and come out holding hands and tell the world they made a deal and they wait for a day or so and come back before the new congress begins on january 3. >> i was going to ask you where the threshold is in terms of income levels. the president said $250,000 or above is considered wealthy. then that was moved to $400,000 and senator harkin said there is some discussion to where that line will be drawn. are you hearing specifics in terms of the tax issue? >> senator harkin and others like senator durbin said the latest democratic position which would have been given to republicans on saturday night was an offer of ke

happens ifbigtaxhikesand spending cuts take effect? will washington come up with a last-minute compromise? plus, where are we headed on new demands for gun control? and, will we ever get all of the answers to the benghazi terror attacks? we'll cover a lot of ground when we sit down with two leading senators: democrat dianne feinstein and republican lindsay graham. also th 2012 in the rearview mirror we look ahead to 2013. our sunday panel weighs in on what we'll be talking about in the coming year. all, right now, on fox news sunday. ♪ >> chris: and hello, again from fox news in washington. well, it turns out the fiscal cliff is going to be a cliff-hanger. with less than two days until the new year, senate leaders are still trying to work out a deal, to avoid tax increases on almost every american. but, any compromise will do close to nothing about our debt problem. joining us now, to discuss what kind of deal they will and won't vote for, are two key senators, democrat dianne feinstein and republican lindsey graham. senators, welcome back to fox news sunday. >> thank

a 20% of gdp to 25% gdp and rather than cut spendingraisetaxesasnecessary to support that spending and i would say that is in fact essentially the french model. and the question is whether it can support enough growth in the economy. >> paul: taxes are going up, we know that, spending, going up for sure even before the health care law kicks in. so, we are moving in that direction, particularly in the entitlement state. not reforming it, but actually expanding it. >> aen what happened this year was the supreme court helping this along, you have the justices essentially rewrite legislation changing the plain text that congress passed in order to declare obamacare constitutional, which is a little scary, that that highest justices in the land would take that sort of activist role and you mentioned france, dan, that's scary. the back drop of this whole presidential year is europe. we know where the path leads. and the turmoil and welfare states and how unsustainability and the high unemployment that comes with them and that was the back drop of our presidential campaign. >> paul: okay,

're for middleclasstaxcutsreaching a deal early in january even though this is a g.o.p. middleclasstaxratethat president george w. bush enacted so, you know, that's the way going forward. >> wait for the first paycheck, it's going to be lower. >> see what happens monday morning, dying to see what happens this weekend. >> yeah, because they are meeting this weekend. >> oh, are they meeting? dagen, it's yours. >> when you are outraged, you sound authoritative. i sound like a crazy red neck. i need your help. putting the band back together, the president hosting party leaders at the white house trying to find middle ground on dealing with the coming tax increases and spending cuts. the damage done already to american business, uncertainty and looming tax burden has owners up in arms. can housing continue to recover among all of this? why washington should not pull out the rug from under this rebound. ship wreck, massive port strike that could happen this weekend halts commerce for the country. top of the hour, stocks now and every 15 minutes, lauren at the new york stock exchange. stocks dow

. but the way they for behaving, their only priority is making surethattaxbreaksfor the wealthiest americans are protected. >> this deal won't affect the debt situation. it will be a political victory for the president. i hope we will have the courage of our convictions when it comes time to raise the debt ceiling to fight for what we believe as republicans. but hats off to the president. he won. >> south carolina senator lindsay graham and president obama -- the state of our fragile economy. president obama made his final argument, placing the blame squarely on congress, specifically, house republicans, mr. obama is cautiously opt mifertic that lawmakers will reach a watered-down deal, but no mention of debt, tax reform or entitlements. i'm shannon bream. the senate will convene in an hour. we have team coverage on capitol hill and at the white house. we start with mike, live on capitol hill. what's the latest on republicans? and how are they reacting to the comments we heard from the president? >> reporter: good afternoon. the critical comments from president obama in a critical stage in t

street being concernedabouttaxes, unemploymentinsurance benefits so jobs are not being created so this provides the imperative at a higher level for congress. lori: if you hear the cbo says if we do go over the cliff then gdp will drop half a percentage point*? could it be worse we already see the impact of fiscal cliff concerns? >> yes. i respect the cbo numbers and the director that they say this is an estimate. i don't think we go back into a recession, but when i talk about this, seven and $87 billion went into the economy to rescue it from the recession. now if we don't pullout $600 billion with the tax creases -- increases so that would have an adverse effect on wall street and main street. we live in a global economy. this sense verbal signals. tracy: what about signals to your stuuents? they are about to enter the job force nobody will hire any time soon. >> hiring is the key number but the good news with jobless claims they suggest the layoffs have begun to moderate. it is in the range of a healthy economy. but the bureau of labor statistics said the number of job opening

, there are well down the light. they wonthetaxesnow.by the time the cuts come in, this ought to be turned around and it was said, we do not need the cuts now that if it has turned around. host: lots of comments coming in of this but so far. one caller rights -- sarasota, florida on the line now. good morning, jill. caller: did morning. i have only one very short thing to say. listen, everyone out there. no matter what party believe in, they're used to be a wonderful country in africa called rhodesia. we are talking about african problems, but it was a bread basket country. produce things. now it is called zimbabwe. inflation is over 1000%. that is all i am going to say to the people watching and listening to this program because we are heading in the same direction. thank you and have a wonderful new year. host: a tear from bob now in the democrat light. caller: thank you for letting me have a chance to speak. i am more optimistic -- i a more pessimistic than optimistic. i just do not think they will ever get together like they should. my one comment is when they start speaking about the

and democratic leaders to reach a deal toavoidtaxhikesand spending cuts that take effect january 1. >> the hour-long meeting with president barack obama was the first face-to-face session together with both republican leaders of the latest fiscal crisis. obama said he was modestly optimistic about the agreement by senate leaders on a compromise bill that could be voted on by monday. that is just two days before 6 under billion dollars of automatic tax hikes and spending cuts begin to take effect -- $600 billion of automatic tax hikes and spending cuts take effect. >> we want to make sure that unemployment insurance is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >> whenever we come up with will be imperfect. some people will not like it, some people will like it less, but that is where we are. >> the democratic leader said it will prevent a tax hike on middle-class f

? the president at one point actually upped what he was willingtotax. hewantstaxes. originallysaying on incomes of 250,000 and up. then he went to 400,000. what kind of compromise do we need from both side to get a deal done so that i don't have to keep boring people with this term fiscal cliff? >> right. to really get the deal done right you need about 4 troll trillion to get us back on track. that means pro-growth tax reform, entitlement reform and better control of savings of the proposals at this point are not at that level. they're more $2.5 trillion range. we're very anxious to see what the president will put forward in terms of savings and reform. adam: in roughly four days can all of you in washington get this deal done? or is it going to be some kind of a patch with some kind of delay and than we'll deal with the new congress deals with it? >> well, adam i think you're kind of on it there. it would be great if we can get it done. if not let's at least get the framework to set it up and finish it off right away. either way we have to get a deal done before congress gets adjou

taxesonfamilies and small businesses. it was a mandate to work together to begin solving the massive debt that threatens our country's future. >> reporter: the house and the senate will both be back in session tomorrow and the president has said he expects them to quickly vote to pass legislation to avoid the fiscal cliff, if, he and the speaker are able to make a deal before it's too late. gregg: we'll be holding our breath. peter doocy, thanks. >> reporter: yeah. patti ann: the commander-in-chief also spent part of his holiday thanking the troops on a visit to a hawaiian military base. the president and first lady paying tribute to those here and abroad who risk their lives keeping us safe. he took time to honor their families as well. >> so many of you make sacrifices day in, day out on behalf of our freedom, on behalf of our security, and not only do those in uniform make sacrifices but i think everybody here understands the sacrifices that families make each and every day as well. and michelle --. patti ann: the president also made a series of holiday phone calls monday night th

is in the aired hading back to washington. is it too late. we are breaking doupyourtaxreality.>> brian: and holiday travelers are stuck on the tarmac x. one pilot was frustrated . wait until you hear what he did over com. "fox and friends" begins right now. ♪ ♪ "fox and friends". >> brian: kelley wright. i am clayton morris . this is julia morris. >> happy merry christmas. you guys have a nice christmas. >> family was here and we had a great time. >> frolic in the -- >> clayton: beautiful snow. >> you can't beat christmas in new york 73 unless you are manger square in bethlehem. >> clayton: we'll tell you about people stuck on the tarmac. five or six hours. if you were trapped or stuck in texas let us know. >> we have a folks news - fox news alert. former president bush's condition has worsened. he is 88 years old and he was formerally the president . he was hospitalized for a cough . and family spokesman admits things are not going well but doctors remain cautiously optmistic. >> he's in critical condition and in a bad way. the doctors believe there is a path for him to recover fr

that wouldraisetaxes, wouldthey allow it to -- and the answer to that is probably not. democrats have alleged for week now what john bain ser doing is waiting until the gavel is safely in his hands for the next congress. that happens on january 3rd, when they formally elect a speaker. that's one theory, but probably the thing that make the most sense is the fact that then it becomes a vote to cut taxes for 98% of americans, instead of allowing them to rise for 1% or 2%. that is something logically the republicans would probably or more likely go along with, though at this point who knows where we'll end up with on this thing. january 3rd is the new congress. in the days after that, that's the inertia it scenario. >> gentlemen, thanks so that. i appreciate it. >>> we want to bring in today's panel s perry bacon, democratic strategy margie omero, and chip saltzmann. i want to talk about with what steve la tourette had to say today being interviewed on cnn. >> this isn't a one party or a one house problem. this is leaders of both parties and all branches of the government not willing to

they arote negotiating. coming up with ways topreventtaxhikesand spending cuts if no deal is reached before then. mitch mcconnell telling us they have been going back and forth all day and talks are continuing into the evening. no major progress though yet to report. and that is how fox reports on this saturday, december 29th. i'mm harris falkner. tomorrow, tune in for a specialal two-hour fox report as the fiscal cliff deadline nears on the eve of the last stock market day of theae year. we will be all over it with deadlines and they are trying to get a vote, something together. "huckabee" starts now. >> this week on the journal editorial report. a look back at the year that was and what is ahead for 2013. 2012 was a tough year for conservatives on the national level, but in the states, some hopeful signs of reform, and looking forward, is the economy headed for rebound orie session? will the new year bring a with iran? our panel is here with their prediction. >>> welcome to this special edition of "the journal editorial report" as we look back at the year that was and the challenge

to plan "b," boehner fallback and would haveraisedtaxonthose making $1 million but failed when could not get republican votes. >> all eyes turn to the senate that could be key to a deal on plan "c." scaled-back bill that the president says will focus on unemployment benefits and reverting to the 250,000 level on taxes. >> i asked leaders of congress to work toward a package that prevents a tax hike on middle class americans, protects unemployment insurance for 2 million americans. lays the groundwork for further work on growth and deficit reduction. >> that means taxes go up for some now and spending cut on medicare and other programs are kicked to another date. >> what the president offered so far won't do anything to solve the spending problem and begin to address the crippling debt. >> gallup in early december saying 58% of the public thought we'd avert the fiscal cliff. new poll shows it's dipped to 50% thinking that. the public thinks we are headed for a big problem. >> doug: breaking news from treasury secretary geithner it go about the debt ceiling. are we about to go to defau

theloomingtaxincreasesand spending cuts. old man winter wiping out the holidays for many people in the country. his work is not done yet. people worried about washington keeping their spending type. time for stocks now. nicole petallides is at the new york stock exchange. nicole: the dow is down about ten points. the s&p pulling back one quarter of 1%. a lot of the retailers loved like the biggest losers. 500 stocks are comprised and represent oriole to autos to airlines. the sector that was really lagging where the retailers. oil has been moving to the upside. there is a lot going on with that. and oil spike of two dollars. now, let's take a look at technology. we do see some of the tech stocks doing pretty well. hewlett-packard and intel have been among the real losers for the year 2012 on the dow. today, you continue to see this trend which is a little better. back to you. dagen: thank you. the senate returning to washington tomorrow. the president, as well. five days left to revert the fiscal cliff. now that plan b is that, will there be a plan c or f for failing? peter: pre

the cliff. i'm. patti ann: i'm patti ann browne. they will try to avoid the across theboardtaxhikesfor 90% of the american households and deep spending cuts. so far little to no progguess has been reported. gregg: chief white house correspondent ed henry is in the white us. ed, what do we expect out the meeting if any at all? our expectations are a little bit low. >> reporter: you're exactly right, gregg, expectations have to be low. lawmakers of both parties in conjunction with the president have missed one deadline after another. we have been saying for a couple weeks they had to get moving get this completed before christmas in order to give the house and senate time to debate and end up voting on whatever package they come up with. now that we're days away from actually going off the fiscal cliff where these automatic massive spending cuts as well as large tax increases got into effect you have to have low expectations. it appears the white house is very confident in waiting for the republicans to make the next move. they keep saying inside the white house this is up to the rep

dollarsintaxhikesand a hundred billion dollars worth of spending cuts from defense and other key domestic programs, that is if no deal is reached in time to avert it. both the house and senate with rare new year's eve sessions today as they try to hammer out some sort of an agreement. >> we do have to work together, because without bi-partisanship nothing is going anywhere. what we can do is avoid a fiscal calamity by not having the sequestration take place on january 1. jon: the white house also burning the midnight oil last night with the president saying earlier that he ways modestly optimistic the two side could strike a deal. but the key sticking points remain the same, taxing the wealthy and cutting the budget to pay for democratic spending proceed proceeds always. >> it feels an awful lot like groundhog day. this is the fourth or fifth time i've stood at this podium and i feel like i'm saying the same thing, except in the movie time re matter. every indication now is the republican congress continues to not work in good faith with the president. there is still time left an

theirtaxbillfor 2013 will look like right now. at some point you have to say, this is what it is. i only have so many years until i retire. risk is part of the game. this is what i am willing to invest. what is your best bet? >> there is no dow that energy stocks, to me, we are seeing the spikes in oil prices today. lori: you are basically saying try to raise some cash during this last week. that could be your fine opportunity. >> right. you have to think back at what these companies are saved. they are not overly optimistic. they were not doing back flips about the future. sometimes waiting is the best investment strategy that there is. you have to begin to see whether they will begin to grow. most companies have to face the facts. most companies are making money because of cost-cutting. i think we have to really look at ways to just be ready. the best place to be -- lori: lean and mean. cash is, well, i guess that is why you had a debate. i guess i can hold on for two weeks. >> i agree. they are lean and mean. every quarter, they are cutting more and cutting more. now, we are at the po

for political purposes. i think he sees a political victory at the bottom of the cliff. getsadditionaltaxrevenuefor new programs, gets to cut the military and blame republicans for it. >> attention now turns to the senate which will reconvene on thursday. the 27th. house majority leader harry reid now has the task of trying to cobble something together that could perhaps pass the senate and also pass the house with some republican support. the expectation would be some democratic support. the white house is still calling for the threshold on tax cuts to be a quarter million. it seems unlikely republicans would sign on the that, and officially president obama is supposed to be remaining here in hawaii through the new year, it seems likely he will be heading back to washington sometimes around when the senate convenes. and in the meantime, just up in the air about what is going to happen. is it going to be a very unmerry cliff-mass? perhaps. >> i feel like we should pause and listen to the best sound in the world behind you. the waves crashing on the beach. >> pretty good. thanks. >>> dan

taxrelief.people who believe in government will remember. the people who believe in national defense and social security and medicare will remember. they will know which party is trying to destroy working democracy in order to pursue its political ends. they will know who listens to the voter, who respects the voter, and who thumbs his nose at the voter and that ladies and gentlemen of the tea party right is you. we go over this cliff and you will not have to ask for whom the bell tolls, it willing tolling for you. leading off tonight josh green and chris frats of national journal. you don't have to be as clear as i, but try, gentlemen, tonight. it looks to me like one party, guns again it's asymmetric. both parties are not screwing around, one is. is that true? >> i think both parties want to go over the cliff. >> both want to go over the cliff? who will get blamed. >> i think republicans will get blamed but i think republicans at this point fear casting a career-threatening vote to raise taxes instead of waiting four days and letting the cliff -- >> and then they can technically sa

think republicans at this point fear casting a career-threatening vote toraisetaxesinsteadof waiting four days and letting the cliff -- >> and then they can technically say -- >> they're voting for a tax cut. >> do they presume the voters are that dumb? they think there's a difference? they might think that. >> they might. >> do they think the voters are that dumb to think three days difference in how you vote with the exact same result exonerates for having been an apostate on the hard world tea party? >> i think a lot of the republicans aren't worried about the general voter at large or what the national polls say -- >> only their base is stupid. they think only their base is stupid is what you're saying? >> they're worried about a primary on the right -- >> why would -- >> i don't want a democrat coming at me -- >> i know all that. let's get to the bottom line. they are arguing in their minds that they're safer to vote to keep the country going next week sometime rather than this week because they believe that the people who think they're great on the hard right will be confused.

spending cuts andbigtaxhikesby january 1. the growing number of lawmakers say they are deeply skeptical that a deal can be reached in the next seven days, and we're beginning to hear new reports suggesting the president may have a smaller deal in mind, one that will keep tax rates where they are and, again, put off the issue of spending cuts. chris stirewalt, fox news digital politics editor, host of "power play" on foxnews.com, chris, good to see you. i was reading your recent column, i want to put a portion of it up on the screen, and i'll quote you: gregg: explain what you mean. >> a cheerful christmas thought, gregg. [laughter] merry, merry. no, when we look back at 2012, if you take a minute and look back at the arc of this year in politics, what you saw was the smallest -- it was the most expensive, but it was the smallest presidential election maybe if history. we didn't talk about anything. the president did talk about higher tax rates, but mostly it was as a way to talk about mitt romney's taxes himself. and we didn't talk about much in this except for mitt romney's character a

in making a deal to avert across theboardtaxhikesfor 90% of the american households. it's been 10 days since the president and the speaker held any substantial face-to-face meetings. is time up or is it still possible for both sides to reach a last minute deal? let's put the question to byron york of the "washington examiner". too late or, gosh, maybe this is so easy you can wait until the last minute? >> i guess it depends whether you believe in miracles, gregg. gregg: i don't. >> the only thing that is really happening is the days are ticking by. i think what we've got is, you go first situation here. remember, after the so-called plan b failed in the house, john boehner, speaker of the house said, look, it's up to the senate. we'll not do anything more. we already passed a bill a while back that would extend bush tax cuts for everybody. it is up to the senate to do something. you have senate minority leader mitch mcconnell, the republican saying it is up to the democrats to do something. we'll not do anything until president obama and the democrats come up with a plan and president

with just 36 days to gountiltaxincreaseskick, in the white house and congress are playing a high stakes game of let's make a deal. >> only in america believes there has to be this what i believe to be really farcical now surely -- the nature of the world is very fast moving, america has huge economic problems, heading for another fiscal cliff, everyone laughing at you from afar, the american public sick and tired of all the games going on and there are you, grover norquist, a very bright guy still resolutely saying a pledge is a pledge is a pledge, it cannot be broken when many of your own party are now saying you know, what it doesn't make sense to have this irresolute position anymore. >> two things, the pledge is not for life. but everybody who signed the pledge, including peter king, who tried to weasel out of it -- shame on him as the "new york sun" says tonight. i hope his wife understands commitments last a little longer than two years or something. >> whoa, hang on, hang on. that was a bit below the belt, grover. >> hey, if you think a commitment is not for as long as you make i

, the end of the busherataxcuts,the dreaded sequester, across the board cuts of $1.2 trillion in spending will begin to take effect the first of next year. the good news is the white house and republicans have been trading proposals and at least yesterday appeared to be moving closer together. i would have much preferred that they would be talking about a bigger package than they've discussed but nonetheless to reach a package that would resolve some of these issues would be an important step forward and i think help promote certainty that would be important to our economy. on the revenue side of the equation, i just want to remind you what it's taken in the past to balance the budget. we hear talk on average revenue is in the 18% of g.d.p. range n. getting back to average you will should be sufficient. the problem with that is we have never balanced the budget in the last 50 years based on 18% of g.d.p. in revenue. balancedtimes we've going back to 1969, you can see that revenue has been about 20% of g.d.p. you can see from this chart. 19.7% of g.d.p. in 1969. 1999 it was 19.

and the white house be able to reach a deal before americans see a 500 billiondollartaxincrease?>> and george h.w. bush's health taking a turn for the better. there's good news regarding the former president's healths. >> clayton: well put. >> juliet: well said. >> clayton: a frightening moment when an airplane broke in half crashing on to a busy highway, caught on camera. watch this. >> juliet: oh, how about that car? >> that's not something you see every day. >> no. >> "fox & friends" begins right now. ♪ >> hey, everybody. >> juliet: hi, everybody. >> dave: good sunday morning, juliet huddy in for ali. how are you doing, my friend. >> clayton: dave usually gets the coffee. and no coffee around this place. >> dave: i apologize. >> clayton: dave overslept and dropped the ball. >> dave: it happened with my iphone. i woke up an hour too late to my wife shaking me. >> juliet: i don't know what it is about this morning. i'm like in lala land. >> clayton: there is no snow. >> juliet: there's no snow here, sir. >> clayton: it might be be the pending fiscal cliff. >> juliet: that's

cliffaverting,tax-reforming packageall wrapped in a big red bow, better fire off a quick note to santa. a grand bargain isn't going to come by christmas or new year's when all sorts of tax increases and automatic spending cuts take effect. it may take up president obama's bare bones stopgap measure. that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to do with the math with regard to votes. and democrats especially who i'm talking to in the senate which is probably where this will originate, the reality is that democrats don't hold a very big majority. her going to need to have a handful of republicans to cross party lines and vote with them on the whole concept of raising any taxes. especially what the pr

look -- whatever you think abouthistaxreturn,he's given substantial money to charity, he might want to talk about that today. i don't know what he's going to talk about. >> i heard what the secretary said yesterday about elites not paying taxes. are you comfortable with a lot of the talk that's been going on in the democratic primary and even at the democratic national convention that seemed to border on class warfare? when you yourself said, if america wants to be more competitive in the 21st century, we're going to have to lower corporate tax rates, if america's going to be more competitive in the 21st century, we'll have to look at how we make this country more competitive -- >> i think we should lower corporate tax rates, but i think it's worth pointing out that of the 33 countries and the oecd, the group of wealthier nations, only chile and mexico take a smaller percentage of their income in taxes than we do. it's worth pointing out that if you have a lot of money and you earn only capital gains, you pay 15%, which is radically lower than the rates that any other advanced socie

in washington. so where do we go from here? well, since the house failed to get a vote onthetaxpackagelast week, all eyes are on the senate. a temporary deal that would basically extend all the tax cuts for those making under a quarter million. the deal would also rescue long-term unemployment benefits and instead of addressing those automatic spending cuts we've all heard about that are set for january 1st, this temporary deal would delay them for another six months. few are optimistic this new plan, if we do go over the clifr, would work out. so what would half if we go over the cliff? the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here. >> hey, ari. >>

trilliontaxincreaseover ten years through the expiration of thebushtaxcutsand assuming congress does not approve the patch anded medicare doc fix, and other things. the lapse of the tax cuts means the top tax rate reverts to 39.6 from 35% now. taxes would also go up for lower income earners. the maximum low rate would revert to 15% from 10% now, and investors see capital gains rate revert from 20%, revert to 20%, rather from 15% now. depending on what analysis you look at, average families could pay $2,000 to $4,000 more in taxes next year. ashley? ashley: that's the why it's called the cliff. thank you, peter. >> you bet. ashley: the speaker stuck in a storm, but the phones do work. bell ringing soon, and amazon known for customer service, especially over the holidays, but it's not cared over to the web hosting business. merry christmas for hollywood. ticket sales going through the roof. details when "count down" returns. ♪ ♪ >> well, earlier, of course, we touched on the weakness in retail after disappointing data. well, technology shares under pressure, especially the large ca

about boots on the ground,americantaxdollars.i'm just talking about paying attention this and using the leverage of the moral authority of the united states to save lives. >> schieffer: that's happen? what would you like to see happen? >> i think the first thing that has to happen is there needs to be security in this country. right now, there is a u.n. peacekeeping force of about 17,000 soldiers that is complete feckless. they really haven't done anything. their mandate is to protect civilians. they haven't done that. they need a leadership change and a mandate change and they need to be completely reevaluated. in a larger sense, this is a country that needs security sector reform. they have no real functioning army. the army as it exists preys on the population rather than defending. the army is responsible for 40% of the rapes in the country. there is no judicial system, no functioning police system. those are the things that need to be rehabilitated to begin with so you can create a space to develop a civil society. >> schieffer: you know, you are interested in a lot more than f

to reach an agreement. with time running out it appears a deal would likely include a extensionoftaxcutsfor the middle class and a cancellation of scheduled spending cuts. an aide to senate majority leader mitch mcconnell said the republican senator is eager to hear from the president. >>> new year's is still a few days away but some lawmakers are telling republicans, not to drop the ball on the looming fiscal cliff. news4 tony is live on capitol hill where a maryland lawmaker joined the effort. tony, what's the word over there? >> reporter: we've been hearing about this closed-door session president obama is having with congressional lawmakers. but here on capitol hill, they're having a rally today and you can see behind me some folks with starting to gather and this will take place as 11:30. both sides coming together to call for some kind of agreement to have before these possible tax hikes take place. that being said, i want to bring in mr. bob packer. you're a small business owner in herndon, virginia. tell me real quick, if there's no how will it affect your business? >> if tax ra

through january 2nd. both sides are still far apartontaxesandspending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a blank check just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> now, a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. and when asked who they held more response, 27% said the gop, 6% pointed to the dems and 30% said all of the above. for more on this, we're joined by christian schultz from barronberg bank. welcome. so we're going over the fiscal cliff. >> well, the consumer confidenc already be over the cliff in terms of confidence already. that might already be the first impact of the crisis of -- not of the crisis, but yes of the fiscal cliff. it seems we have this moment where this animal goes over the cliff, all limbs are still rotating around and we're staring into the abyss and eventually we're going to fold. >> i love t

before christmas. the deadline now is just days away and there is no deal in sight to avoidthetaxhikesand spending cuts set to go into effect january 1st. our juan williams is a fox news political analyst and he joins us today and very quickly, juan, merry christmas to you. >> merry christmas, kelly. kelly: this is daunting task facing congress to avert the so-called fiscal cliff that will set into motion more than $600 billion in drastic and draconian allic tax hikes and spending cuts. that will cause a lot of pain for all americans and does congress have enough time to act on this? >> they do. you know it will be very close and it may in fact go beyond the deadline per se although people are thinking at the moment it is possible to get something done by the end of this week. the key here, kelly, is the senate. we have been so focused on the house, speaker boehner, plan. about, plan b falling apart. now speaker boehner is pointing towards the senate and the white house is pointing towards the senate as a place where we might get bipartisan cooperation. they think they have 10 republi

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